Knowing the consensus is important, but knowing where the minimum and maximum expectations are, as well as any herding around a particular side, can be very helpful for risk event traders like me.
For the Core YY CPI, consensus is also sitting at around 3.7%, with a minimum of 3.4% and a maximum of 3.9%.
As always, any prints that fall below the minimum or above the maximum will receive a lot of attention from participants.
This means a big surprise beat likely sees markets price out the likelihood of another cut completely. The size of miss it would take to persuade markets of an October cut will need to be big.
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